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"I can't speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can't do it constantly, unless you're willing to put the resources in."
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"Luck is a dance of possibilities and opportunities."

"A broken mirror is good luck if you want it to be."
Explore more quotes by Merton Miller

"What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions."

"Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer."

"I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller."

"Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices."

"Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't."

"To beat the market you'll have to invest serious bucks to dig up information no one else has yet."
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